Experts warn that its confirmation would create a wave of negative media attention that would scare consumers away from spending, feeding into a vicious cycle that has the economy flat-lining.
Two international ratings agencies have downgraded the country's credit grade from the top level AAA, warning about the government's fiscal policies.
The government, which has long played on its AAA rating as a sign of its economic might, has been pursuing a harsh program of spending cuts and tax increases to reduce the budget deficit, which at 7.4 percent of annual economic output is more than twice the EU's 3 percent limit.
Like many governments across Europe that have been scarred by the bond market turmoil that forced Greece and four other countries to need rescue loans, Britain is focusing on reducing debt quickly, even at the cost of short-term economic pain.
The fund, whose views carry weight as it is involved in all of Europe's sovereign bailout programs, has pressured Treasury chief George Osborne to slow down the austerity measures in hopes of reviving the economy, whose output last year was worth 1.4 trillion pounds ($2.1 trillion at current exchange rates).
Welby has unusual standing in the world of money because in a previous life he served as an oil industry executive and now sits on the parliamentary banking standards committee.
First a bike, then stuff from the kitchen.
Two international ratings agencies have downgraded the country's credit grade from the top level AAA, warning about the government's fiscal policies.
The government, which has long played on its AAA rating as a sign of its economic might, has been pursuing a harsh program of spending cuts and tax increases to reduce the budget deficit, which at 7.4 percent of annual economic output is more than twice the EU's 3 percent limit.
Like many governments across Europe that have been scarred by the bond market turmoil that forced Greece and four other countries to need rescue loans, Britain is focusing on reducing debt quickly, even at the cost of short-term economic pain.
The fund, whose views carry weight as it is involved in all of Europe's sovereign bailout programs, has pressured Treasury chief George Osborne to slow down the austerity measures in hopes of reviving the economy, whose output last year was worth 1.4 trillion pounds ($2.1 trillion at current exchange rates).
Welby has unusual standing in the world of money because in a previous life he served as an oil industry executive and now sits on the parliamentary banking standards committee.
First a bike, then stuff from the kitchen.
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